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Fed cut a psychological boost but little more

Central Banking staff

17 Dec 2008

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At face value, Tuesday's Federal Open Market Committee statement was an historic move that underlined the US central bank's commitment to do all it can to counter the crisis. But, though the statement met with widespread approval from the markets, it marks little real shift Fed's existing policy stance.

The committee's decision to cut its federal funds target to a lower-than-expected 0% to 0.25% range, along with its pledge to "employ all available tools to promote the resumption of sustainab